This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
The Illinois Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document that facilitates the transfer of overriding royalty interests (ORI's) associated with multiple leases in the state of Illinois. This detailed description will outline the key components, purpose, and potential variations of this assignment. An Assignment of Overriding Royalty Interest allows the owner of ORI's, typically an individual or entity, to assign or sell their interests to another party. ORI's are a type of non-operating interest in an oil and gas lease, entitling the owner to a percentage share of the lease's revenue or production. In the case of the Illinois Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form, the document specifically caters to assignments involving multiple leases. This implies that the assignor (current ORI owner) wishes to transfer their interests across various leases simultaneously, without reducing the proportional share of royalty interests in each lease. This long-form agreement ensures a comprehensive and detailed approach to executing these assignments. The document covers crucial aspects such as the identification of the parties involved, including the assignor and assignee, as well as their legal addresses. It also includes a comprehensive description of the overriding royalty interests being assigned, including the lease names, identification numbers, and specific percentage interests associated with each lease. The Illinois Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form may include additional provisions depending on the specific requirements of the parties involved. These provisions could address various aspects such as representations and warranties made by the assignor, the effective date of the assignment, the rights and obligations of the assignee, and any indemnifications or limitations of liability. While the long-form version caters to assignments involving multiple leases with no proportionate reduction, there may be other variations of the Illinois Assignment of Overriding Royalty Interest. These could include a short-form version, which may provide a more concise and streamlined format for assignments involving a limited number of leases. Additionally, there might be specific forms that address assignments with proportionate reduction, where the ORI percentages are adjusted to ensure a proportionate distribution of interests across the assigned leases. In conclusion, the Illinois Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legally binding document designed to facilitate the transfer of ORI's associated with multiple leases in Illinois. It ensures comprehensive coverage of all relevant aspects and can be adjusted to meet the specific needs of the parties involved.
